Arkansas students weigh in on student loan debates

New bill to tie students to markets

Students at the University of Arkansas rallied against Republican Rep. Tom Cotton and his stance against a bill to lower student interest rates.

Young Democrats said Cotton hurts their future by leaving interest rates up to the banks, while Republicans praised the lawmaker for trying to keep interest rates out of the government's hands.

"It's not fair, and it shouldn’t be this hard to get an education," said one student.

"I think he's doing more wrong than he is (doing) good here," said student Taylor Shelton.

Shelton, who has a few years to go at the University of Arkansas, relies on government-funded student loans to pay for school.

However, a new bill will cut interest rates and tie the students to the markets, meaning the rates are low at the moment, but it would go up when the economy improves.

Cotton was one of only six Republicans in the House and the only member of the Arkansas delegation to vote against the bipartisan compromise.

"To me, when I see Tom Cotton voting against the student loan compromise bill, I see someone who doesn’t recognize those thousands of Arkansan students who are working and trying to better themselves," said Autumn Lewis, of the UA Young Democrats.

GOP supporters said Cotton is thinking ahead.

"He recognized as we do, (that) it's a short-term fix. It's not actually a long-term solution," said Grant Addison, head of the college Republicans on campus.

Addison said the bill will not help everyone, and Cotton's vote sticks to hardline conservative policy, limiting federal government control.

“Cotton’s vote specifically was on his principles against stopping the nationalization, because he believes as I do that student loans should be dealt with at the private and local level," said Addison.

The bill awaits President Barack Obama's signature.

The proposal affects government-funded or Stafford loans, and as the rates rise, the government said it will make $715 million on interest rates.

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